PiCK
Fidelity Says It’s Too Early to Declare End of Bitcoin Bear Market, Eyes November
Summary
- Fidelity Digital Assets said it is difficult to determine whether Bitcoin’s bear market has ended.
- Vice President Chris Kuiper said November is important when considering Bitcoin’s four-year cycle, but the token could still set a new low.
- Kuiper said expanding volatility, the possible exhaustion of selling pressure, and Bitcoin’s drop into the $80,000 range before trading around $82,500 were key points in his analysis.
Forecast Trend Report by Period
Fidelity Digital Assets, the crypto unit of global asset manager Fidelity, said it is too early to conclude that Bitcoin’s recent gains mark the end of its bear market.
Odaily reported on October 9 that Chris Kuiper, vice president of research at Fidelity Digital Assets, recently said the crypto bear market cannot yet be declared over. The rebound since August could mark the start of a new uptrend, but it could also prove to be a temporary rally within a broader bear market.
Kuiper said November will be important when viewed through Bitcoin’s four-year cycle. He cited the previous bear-market bottom, which was formed in November 2022.
Still, he stressed that the four-year cycle has never repeated with complete precision. Bitcoin could fall again and set a fresh low in November or later.
Kuiper also cited volatility and shifts in market fundamentals as positive signals. The sharp increase in volatility after a low-volatility stretch from June to mid-August resembles the closing stages of several past bear markets. That may indicate the market is nearing a phase where selling pressure is exhausted.
Bitcoin briefly tumbled into the $80,000 range on the day before recovering some of its losses. It was recently trading around $82,500, down more than 4% from a week earlier.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul